American Bacon Inc. financial statements are presented in the table below

jagguarpaw January 16, 2017 0 Comments

Question: American Bacon Inc. financial statements are presented…

American Bacon Inc. financial statements are presented in the table below.

Based on the information in the table, calculate the firm’s net profit margin.

Round the answers to two decimal places in percentage form. (Write the percentage sign in the “units” box).

THERE ARE TWO ANSWERS…..ONE THE ACTUAL ANSWER and TWO THE UNITS…

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Balance Sheet December 31, 2010

Cash and marketable securities $102,000 Accounts payable $287,000
Accounts receivable $299,000 Notes payable $61,200
Inventories $628,000 Accrued expenses $51,900
Prepaid expenses $10,300 Total current liabilities $400,100
Total current assets $1,039,300 Long-term debt $415,000
Gross fixed assets $1,502,000 Par value and paid-in-capital $376,000
Less: accumulated depreciation $312,000 Retained Earnings $1,038,200
Net fixed assets $1,190,000 Common Equity 1,414,200
Total assets $2,229,300 Total liabilities and owner’s equity $2,229,300

Income statement, Year of 2010

Net sales (all credit) $6,387,700.00
Less: Cost of goods sold $4,726,898.00
Selling and administrative expenses $345,000.00
Depreciation expense $148,000.00
EBIT $1,167,802.00
Interest expense $50,600.00
Earnings before taxes $1,117,202.00
Income taxes $446,880.80
Net income $670,321.20